The General Office of the Standing Committee of the National People's Congress (NPC) on Wednesday briefed staff of local legislatures and some journalists on the basic principle and main content of the draft property law.

Sheng Huaren, vice chairman of the NPC Standing Committee, said at a video conference that the property law is a basic civil law regulating various forms of property ownerships and an important part of China's socialist legal system. The formulation of the law is urgently needed for the country's economic and social development.

The draft property law had its first reading in China's legislature in 2002 as part of a draft civil code. It has been deliberated by the NPC Standing Committees an unprecedented seven times.

During deliberations by NPC Standing Committee, the full text of the draft law was also released to public to solicit their opinions.

At the 25th session of the 10th NPC Standing Committee held last December, lawmakers reached consensus on the draft law.

The draft property law will be deliberated by nearly 3,000 NPC deputies at the upcoming annual session of the 10th NPC in March.

Sheng said the NPC Standing Committee will fully solicit the opinions of NPC deputies and has asked them to read the draft law prior to the the annual session.

The draft law, which tries to strike a balance between private property and state ownership, stipulates that everyone has equal legal status and ownership rights.

The draft law prohibits the illegal possession, looting, secret partition and demolition of state assets. Similar clauses were also added for collective and private property.

Source: Xinhua